The Entrepreneur's Solution: Business Tips | Wealth | Lifestyle | Entrepreneur | Success

Welcome to another episode of the Building Your Money Machine Show. Today, we're touching on a topic that goes beyond just dollars and cents — we're diving into the true richness of life by focusing on generosity, gratitude, and the moments that truly matter.This conversation might be a bit different from our usual technical discussions, but it's essential because real wealth encompasses more than just money. We'll explore how generosity and gratitude lie at the core of true wealth and reveal principles that connect financial freedom with living a life of meaning and purpose.We discuss the impact of memorable moments, such as shared laughter and support from loved ones, and how these enrich our lives more than any financial gain ever could.Financial freedom remains a crucial foundation, allowing us to focus on what truly matters. I'll share tips on setting up an emergency fund, automating savings and investments, and thinking long-term to ensure your financial stability.Lastly, we&apo

Welcome to another powerful episode of the Building Your Money Machine Show. Today, we're unpacking the essential skills that set the wealthy apart from the rest. Join me as I break down the six key skills that the wealthiest people I've known have mastered to build their fortunes. These skills aren't about where you were born or how much you earn; they're about patience, financial literacy, emotional intelligence, adaptability, resourcefulness, and discipline. More importantly, I'll show you how you can apply these skills today to accelerate your wealth-building journey and create a life of financial freedom and abundance.I'll discuss how removing emotions from financial decisions and becoming adaptable can keep you safe and ready to seize opportunities. Being resourceful isn’t about having more, but about doing more with what you have. And finally, the power of discipline—consistent action over time can make all the difference.IN TODAY’S EPISODE, I DISCUSS:Mastering the art of

Welcome to another valuable episode of the Building Your Money Machine Show! In today’s episode, I’m diving into a critical topic that I’ve been passionate about for over a decade, but that many still overlook—the importance of having a sufficiently sized emergency fund. In this episode, I reveal why you should aim for a 9 to 18 months emergency fund. Through my personal experiences and professional insights, I'll show you how to protect your wealth effectively and what could happen if you don’t have this vital safety net in place.We’ll explore the best places to keep your emergency fund for maximum security and liquidity, such as high yield savings accounts and money market accounts. Plus, I’ll address common misconceptions and why a three to six months fund is just not enough in today's volatile economic environment.I’ll provide a practical guide on how to start building your emergency fund, from calculating your essential monthly expenses to automating your savings and reassessing your needs regu

Welcome to the Building Your Money Machine Show! Have you ever wondered where you truly stand financially? In today's episode, we're breaking down the truth behind net worth and what it actually means. No matter where you are financially—whether in the upper, middle, or lower class—this episode is about gaining clarity and understanding what you need to do to move forward.I delve into what net worth is, how to calculate it, and what the statistics say about different financial classes. More importantly, we discuss how to use this knowledge as a too, not a judgment, to understand your financial health.No matter where you're starting from, it's all about being in the game and taking the steps to move forward. From tracking your spending to building a comfort fund and investing regularly, I've outlined actionable steps to help you gain control over your financial future.IN TODAY’S EPISODE, I DISCUSS: What net worth is and how to calculate itThe different financial classes based on net wo

Welcome to another eye-opening episode of the Building Your Money Machine Show! Ever get the feeling that your bank is making more money off of you than you're earning from them? Or how about that never-ending cycle of interest and fees that just won't quit? If that's ever crossed your mind, today’s episode is definitely for you.Today we’re diving into six crucial ways financial institutions can take advantage of you and, more importantly, how you can protect yourself from these common pitfalls. From hidden fees to high-interest debt, promotional offers, conflicts of interest, mortgage traps, and investment fees, we're covering it all.So, let's get started on how you can keep more of your hard-earned money in your own pockets, working for you and your financial dreams!IN TODAY’S EPISODE, I DISCUSS:Hidden fees: Monthly maintenance fees, overdraft fees, and ATM feesHigh-interest debt: Credit cards, personal loans, and payday loansPromotional offers: Understanding the fine print and avoi

Welcome to another empowering episode of the Building Your Money Machine Show. Today, we're transforming your perspective on wealth-building by focusing on the power of tiny, realistic habits. I’m diving into the 10 tiny habits that make a significant financial difference over time. From automating your savings and investments to tracking your spending without judgment, these actions take the friction out of your financial decisions and lead you toward wealth in a manageable, practical, and attainable way.I also discuss the importance of paying yourself first, investing in financial education, and handling lump sums or unexpected money wisely. These habits aren't about deprivation or massive overhauls; they're about tiny, manageable changes that compound over time to create real wealth. IN TODAY’S EPISODE, I DISCUSS: Automating your savings and investing to reduce frictionTracking your spending for 30 days to gain awarenessImplementing the 24-hour rule to curb impulse purchasesAdopting a 1% bet

Welcome to another eye-opening episode of the Building Your Money Machine Show! I'm Mel Abraham, your host, and today we’re tackling one of the biggest financial misconceptions - the belief that becoming a millionaire makes you rich.  This episode is going to challenge the traditional notion of wealth and set you on the path to true financial freedom, crafted around the life you want to live.Remember, wealth is about freedom and the ability to make choices unbound by financial constraints. Whether you live in the Midwest or a high-cost city like New York, the principles shared in this episode will equip you with the knowledge and tools to craft a sustainable, fulfilling financial plan.So, buckle up and get ready for an episode packed with actionable insights and a new perspective on what it truly means to be rich. IN TODAY’S EPISODE, I DISCUSS: The erosion of a million dollars' purchasing power due to inflationWhy chasing a specific number can lead to financial anxiety and dissatisfactionUnderstandi

Welcome to another exciting episode of the Building Your Money Machine Show. Today's episode is absolutely crucial if the thought of a medical bill, job loss, or major car repair sends a wave of panic through you. We’re talking about building and managing your emergency fund using my F.U.N.D. method—because life happens and you need to be prepared for it.Ever wondered how much is enough for an emergency fund? Or what expenses should it cover? I’ll be answering these questions and more. Plus, I’ll share actionable tips on how you can start nurturing your fund right now, including jumpstarting it with a comfort fund and automating your savings.By following this framework, you’re not just saving money; you’re securing your financial future and giving yourself the freedom to pursue your goals without the constant worry of financial ruin from unexpected events.IN TODAY’S EPISODE, I DISCUSS: Why an emergency fund is essential for your financial stabilityThe emotional and financial benefits of having a peace of

Welcome to another compelling episode of the Building Your Money Machine Show. Have you ever wondered why some of the smartest people struggle with money while others seem to thrive financially despite having, let's just say, less intelligence? Well, this episode is for you.In this episode, I delve into why intelligence alone doesn't guarantee wealth and unravel the time-tested principles that truly drive financial success.  We’ll also discuss the importance of daily financial habits like saving, investing, and planning, and how automating these actions can make the process easier. You'll hear about Warren Buffett’s secret to success—it's less about being a genius investor and more about habits, patience, and discipline.IN TODAY’S EPISODE, I DISCUSS: The misconception that high IQ translates to wealth and why that's not trueThe importance of daily financial habits and automating savings and investmentsReal-life examples illustrating the difference between high income and wealth accumu

Welcome to another engaging episode of the Building Your Money Machine Show. Today, we're exploring a provocative question — is the F.I.R.E. Movement merely a pipe dream? I've been there, contemplating the idea of extreme frugality to retire decades early. But let's face it, spending all your life sacrificing today's happiness for a distant dream isn't everyone's cup of tea. In this episode, I’ll delve into why traditional F.I.R.E. might not be the golden ticket it's often portrayed to be and how you can attain financial freedom without brutal deprivations.You’ll hear me talk about the importance of building a "money machine" — generating income streams that don't tie you to a job, and unlocking the freedom to live a life of choice.IN TODAY’S EPISODE, I DISCUSS: The burnout cost of extreme frugality in traditional F.I.R.E.Alternative approaches to financial independence that don't skimp on current joyRedefining F.I.R.E.: Making it a journey toward being &

Welcome to another episode of the Building Your Money Machine Show. Today, we're going to tackle a topic that, while essential, tends to make people cringe: budgeting. Why do most people fail at budgeting, even though it’s one of the most critical tools for building wealth and achieving financial freedom? Many view budgeting like dieting—restrictive, boring, and hard to stick to. But what if I told you that it's not about deprivation, but rather about giving your money an intentional job description? By the end of this episode, you'll not only understand how to construct a robust cash resource plan, but you'll also learn the practical steps to implement it successfully. Say goodbye to the negative perceptions around budgeting and hello to financial freedom and wealth-building.IN TODAY’S EPISODE, I DISCUSS: Why most budgets fail and how this failure holds you back from financial independenceThe concept of a "cash resource plan" and why it's more effective than traditional bud

 Welcome to another empowering episode of the Building Your Money Machine Show! Today, we're breaking down the hype around the economy and recession, and I’m sharing some real, actionable insights on how to build and preserve wealth during such challenging times. The key here is not just survival but thriving, whether the market is up, down, or sideways.In this episode, I delve deep into what a recession actually means, why it happens, and most importantly, why you shouldn't panic. Recessions are simply part of the economic cycle. We'll discuss the impact of a recession on your wealth, from job loss to declining asset values.Let's navigate this together. I'll share the tools, strategies, and mindset that can shield you from economic downturns and help you seize opportunities that arise. Let’s light the path to financial freedom! IN TODAY’S EPISODE, I DISCUSS:Understanding what a recession is and its impact on your wealthHow to control your emotions to avoid making poor financial decis

Welcome to another thought-provoking episode of the Building Your Money Machine Show. Today, we tackle a question that often lurks in the minds of aspiring entrepreneurs and seasoned business owners alike: "Do You Have To Be RUTHLESS To Get Rich?" Join me, your host Mel Abraham, as we explore the myths and realities around wealth-building and the principles that truly drive financial success.I dive deep into what it means to be “ruthless” in the context of financial gain, and whether this trait is essential or just a misconception fueled by popular culture and media. It's not about stepping on others to get ahead, but rather about building strategic relationships, making smart investments, and staying persistent.Tune in as we bust the myth that ruthlessness is a prerequisite for wealth and redirect the focus towards qualities like resilience, empathy, and strategic thinking. This episode is packed with wisdom and actionable steps to help you create your money machine without sacrificing who you

Ready to learn why I no longer use banks despite being a millionaire? In this episode, I dive into the reasons why banks might not be the best place for your money and where you should consider putting it instead.In today's episode of Building Your Money Machine Show, I unpack the operational focus of banks and how their profit-driven priorities can impact your financial growth. From high fees and low interest rates to subpar portfolio performance and biased advice, I break down the pitfalls of banking with traditional financial institutions. I also share the alternative routes I've taken, like using credit unions and online banks, to ensure my money works for me safely and efficiently.Curious about how to maximize your returns while keeping your money safe? Tune in to the full episode now!IN TODAY’S EPISODE, I DISCUSS:The profit-centric nature of banks and the conflict of interest it createsThe high fees and low returns offered by traditional banksThe benefits of credit unions including lower fees,

Welcome to another insightful episode of the Building Your Money Machine Show. Today, we’re diving deep into the financial lessons I wish I had known when I was in my 40s — lessons that can set you on the fast track to financial freedom, regardless of your age. Whether you're in your 20s, 30s, 40s, 50s, or even 60s, this episode is packed with actionable advice to help you navigate the path to wealth more effectively.At 63 years young, I reflect on the 11 critical strategies I would have shared with my 40-year-old self. From the importance of automation in saving and investing, to maximizing tax-advantaged accounts, and getting serious about diversification, I cover it all. We’ll talk about investing in skills, prioritizing your future over material possessions, being selective about debt, and knowing your number for financial freedom.I also emphasize the importance of balancing health and wealth, getting comfortable with risk, and finding the right mentors and coaches to guide you. Buckle up for an epis

In today’s episode, I dive into the reality that most people won't achieve financial freedom—and it's not just about the numbers. Let’s look deeper into why 78% of Americans are stuck living paycheck to paycheck, and what we can do about it. I explore the importance of financial literacy and how it’s essential for anyone looking to break free from the paycheck-to-paycheck cycle. You'll discover the four key characters in our economic system: Conspicuous Consumers, Constant Producers, Business Creators, and Machine Constructors. Spoiler: Wealth isn't built through constant consumption or labor alone; it’s from savvy business creation and investing.Don’t let poor financial habits or fear of making money mistakes stop you. I break down the seven critical elements to overcome for financial success, and why having a vision, strategy, and actionable plan is crucial.Ready to take control of your financial future and live a life by design? Tune in now!IN TODAY’S EPISODE, I DISCUSS:Why most people

Are you ready to outsmart the game of money? It’s not just about making money; it's about mastering the art of financial strategy!In today’s episode, I delve into the principles that can help you build and sustain wealth. I talk about the power of negotiation and the importance of embracing a win-win mentality. From understanding the true value in transactions to practicing regular money audits, I share actionable strategies that wealthy individuals use to keep their financial health in check. We also explore the significance of frugality and investing in assets that bring long-term growth and cash flow.If you’re looking to transform your financial habits, make smarter investments, and truly enjoy the journey to financial freedom, tune in to the full episode now!IN TODAY’S EPISODE, I DISCUSS: The philosophy of negotiation and turning it into a win-win gameHow to focus on the value received rather than just the costThe importance of conducting regular money audits to track your financial healthRECOMMENDED

Are you ready to uncover the myths and truths behind life insurance? It's time to demystify what the insurance industry might be keeping under wraps!In today’s episode, I dive deep into the world of whole life insurance versus term life insurance. I'll break down the costs, benefits, and potential pitfalls of each type of policy. We'll explore how investing the premium differences in an S&P 500 Index Fund could potentially lead to significant financial growth over time. And of course, I'm shedding light on some common false claims made by the life insurance industry.Looking to make informed decisions about your financial future and understand the real impact of life insurance on your wealth? This episode is a must-listen!IN TODAY’S EPISODE, I DISCUSS: Evaluating whole life insurance versus term life insuranceThe true cost implications of whole life policiesHow investing in the S&P 500 can grow your wealthRECOMMENDED EPISODES FOR YOU If you liked this episode, you'll love these

Are you ready to uncover the habits that might be silently eroding your wealth journey? It's not just about how much money you make; it's about the behaviors, choices, and habits that define your financial future!In today’s episode, I dive deep into the alarming financial habits that many of us fall into without even realizing it. From aimless spending to normalizing debt, I break down these detrimental practices and provide actionable solutions to reverse the damage. I walk you through essential steps to get intentional with your money, prioritize investing, track your numbers, and much more, so you can claim the financial freedom that is your birthright.Want to take control of your financial destiny and pave your way to wealth? Tune in to the full episode now!IN TODAY’S EPISODE, I DISCUSS: The importance of intentional spending and setting financial goals The impact of financial literacy on your money journey Prioritizing investing over lifestyle spendingRECOMMENDED EPISODES FOR YOU If you liked t

Ready to change your financial future with your first $10K? It's not just a small step—it's the start of something monumental!In today's episode, I delve into why saving your first $10K can be a game-changer in your financial journey. I share the inspiring story of Sylvia Bloom—a legal secretary who amassed over $9 million by focusing on key wealth drivers. You'll learn why it's not about how much you make but what you do with your money that matters. We break down the four crucial wealth drivers that will propel your financial journey and discuss how building this initial $10K infuses you with skills, habits, and a mindset destined for wealth.Want to transform your financial future and master the money game? Tune in to the full episode now!IN TODAY’S EPISODE, I DISCUSS: The importance of the first $10K in your financial journey Sylvia Bloom's inspiring journey from modest salary to millionaire The four critical wealth drivers: income, savings rate, returns, and time RECOMMENDED